New York Budget Includes Strict Licensing for BNPL Companies
New York Budget Includes Strict Licensing for BNPL Companies Earlier this month, New York state introduced legislation that imposes strict licensing requirements and other rules on Buy Now, Pay Later (BNPL) products as part of Governor Kathy Hochul’s new budget, which...
CFPB Rescinds Nearly 70 Pieces of Guidance
CFPB Rescinds Nearly 70 Pieces of Guidance The Consumer Financial Protection Bureau (CFPB) recently withdrew 67 pieces of prior guidance, including those regarding overdraft fees, BNPL, fair lending, earned wage access programs, and more. Acting CFPB Director Russell...
Trump Administration Withdraws McKernan’s CFPB Director Nomination, Instead Nominates Him for Senior Role at Treasury
Trump Administration Withdraws McKernan’s CFPB Director Nomination, Instead Nominates Him for Senior Role at Treasury Jonathan McKernan, a former FDIC board member who President Trump nominated in February to lead the Consumer Financial Protection Bureau, has...
CFPB Firings on Hold As Legal Battle Continues
CFPB Firings on Hold As Legal Battle Continues Last week, the U.S. Court of Appeals for the D.C. Circuit reinstated a district court order blocking the agency’s planned reductions in force while also blocking the Trump administration from trying to shift funding away...
FDIC Looking To Reduce Staff By 1,250
FDIC Looking To Reduce Staff By 1,250 An internal memo sent to staff last month at the Federal Deposit Insurance Corp. (FDIC) revealed that the agency is looking to reduce its staff by 1,250, a downsizing of 20 percent. The 1,250 figure includes roughly 500 employees...
62% of Credit Card “Outsiders” Using Some Other Form of Credit
62% of Credit Card “Outsiders” Using Some Other Form of Credit A recent report from PYMNTS Intelligence and Atelio by FIS entitled “Decision Guide: What Credit Card Outsiders Want — and How FIs Can Bring Them Back,” found that a strong majority (62...
CFPB Attempts to Lay Off 90% of Staff, Although Judge Temporarily Halts Efforts For Now
CFPB Attempts to Lay Off 90% of Staff, Although Judge Temporarily Halts Efforts For Now Last week, multiple outlets reported that the Consumer Financial Protection Bureau (CFPB) was planning to cut roughly 1,500 employees—or 90 percent of its staff—leaving only...
CFPB Drops Enforcement of Nonbank Registry
CFPB Drops Enforcement of Nonbank Registry Last week, the Consumer Financial Protection Bureau (CFPB) announced that it will not prioritize enforcement of a regulation creating a registry for nonbank financial companies that have broken consumer laws and have been...
